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Carlyle and Stellex to sell ship repairer to Lone Star Funds

Funds managed by global investment firm Carlyle and private equity firm Stellex Capital Management are to sell Titan Acquisition Holdings, a bi-coastal specialist in ship repair services and marine and heavy complex fabrication, to an affiliate of Lone Star Funds.  

The transaction is expected to close in 2023 subject to customary closing conditions, including certain governmental approvals. Financial terms of the deal have not been disclosed. 

Titan comprises Vigor Industrial LLC, an infrastructure, defence, and maritime services company based in Portland, Oregon; MHI Holdings LLC, a ship repair, maintenance, and other ship husbandry services company based in Norfolk, Virginia; and Continental Maritime of San Diego (CMSD).  

Key Titan customers include the US Navy, US Coast Guard, Military Sealift Command, Boeing, cruise lines, fishing fleets, barges, ferry services for local and state governments, and other key commercial US Government customers.

Jim Marcotuli, Titan Chief Executive Officer, will continue in his current role, and other company leaders are also expected to remain in post following completion of the deal.

Kirkland & Ellis LLP is serving as legal counsel and Lazard served as financial advisor to Lone Star.  Latham & Watkins, LLP is serving as legal counsel to Titan, Carlyle, and Stellex, and BofA Securities and Evercore served as financial advisors. 

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